Speaking before the Turkish parliament, Ağbal notes that the currency’s practical tests would begin next year. He states that: The announcement comes barely three months after CBRT advertised openings inviting ten digital asset experts to join the General Directorate of Financial Innovation. The interviews covered blockchain, big data, cryptography, virtualization, financial mathematics, and signal processing. Turkey is now part of a growing faction of the global central banks to announce tests into CBDCs. China is leading the way with the advancement in unveiling the digital yuan. Sweden and the Bahamas are among other countries in the pilot phase of rolling out a CBDCs.
Turkey turns to digital assets amid rising inflation
The announcement by Ağbal coincides with growing inflation in Turkey. The inflation has seen the collapse of the Turkish lira, the country’s currency. As of October this year, the currency had dropped by 28% against the dollar. As a relief measure from inflation, most citizens have turned to cryptocurrencies for daily transactions. In the end, Turkey is witnessing a surge in Bitcoin adoption within the region. The rising inflation is a major financial burden for Turkish citizens, and Bitcoin is an alternative wealth reserve from the instability surrounding the Turkish lira. Notably, Bitcoin has surged to hit a new all-time high of $28,260 on December 27, according to data provided by CoinMarketCap.
